Irish fintech CurrencyFair expands its money transfer services to the US

29 Apr 2022

CurrencyFair and Zai CEO Paul Byrne. Image: Ben Philips

The sister brand of Zai plans to double the number of currencies it offers this year, as the financial group plans further expansion.

Irish cross-border payments platform CurrencyFair has expanded its personal money transfer service to all 50 states in the US.

CurrencyFair said consumers in the US will be able to exchange and transfer money to more than 150 countries around the world, with rates eight times cheaper than traditional banks.

Founded in Ireland in 2010, CurrencyFair currently offers payment services in more than 20 currencies. As well as expanding into the US market, it plans to increase its offering to more than 40 currencies this year, including the Mexican peso, Brazilian real and Sri Lankan rupee.

The former Start-Up of the Week is now the sister brand of Zai, the global financial services company formed late last year when CurrencyFair merged with Australia’s Assembly Payments.

The merger was first announced this time last year, when Dublin-based CurrencyFair said it expected to increase its workforce by hundreds over the next four years.

The US launch is part of a significant global expansion for the group following an investment last year by SC Ventures, Standard Chartered’s fintech investment unit.

CurrencyFair and Zai CEO Paul Byrne said the launch of the CurrencyFair personal money transfer service in the US is a “natural step” for the group’s global growth strategy.

“The USA’s $2trn revenue market for payments presents a significant opportunity for us as CurrencyFair and Zai continue to grow and develop its product offering,” Byrne said.

“We are expanding our services in the US over the coming year, supporting both consumers and businesses by simplifying payments and making innovative financial services accessible to all.”

Enterprise Ireland divisional manager of technology and services, Jenny Melia, said the State agency is “proud” to support CurrencyFair in its expansion.

“It’s a great example of an Irish-founded company becoming a leading global brand and we look forward to continuing to work with the CurrencyFair team as it implements its ambitious expansion strategy,” Melia added.

Zai has more 300 employees currently and plans to grow its headcount to 450 by 2025. The company also plans to expand its presence across the UK, US, Asia-Pacific and the Middle-East this year.

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Leigh Mc Gowran is a journalist with Silicon Republic